SECTION 330:15-3-1. Interest rate and loan structure

  OHFA shall endeavor to develop Programs in which the interest rate and/or points charged to the borrower will be competitive with, or lower in cost than private financing then reasonably available to the categories of qualifying borrowers to be served. Depending on the particular Program, loans may be either at a fixed or variable rate, may be secured by a first lien or a second lien mortgage, may be for acquisition, construction or substantial rehabilitation, may be for a term of up to thirty-five (35) years, and, to the extent permitted by bond marketing and other applicable constraints, may be assumable by subsequent qualifying borrowers. Each of these factors shall be determined and announced by OHFA Trustees prior to implementation of the particular Program.

[Source: Amended at 37 Ok Reg 1709, eff 1-1-21]